Originally Posted by vish_1982

I have been thinking about buying a flat in Chennai...my budget being a maximum of 35 Lakhs...I have so many questions in mind and thought someone could help me out...

1. I was hoping some flat near OMR might be a good option as other places like Nolambur, Ambattur, Maraimalai Nagar etc might not grow as much as I expect OMR to grow. Not sure if this is right. Need some guidance here.

2. Places near Siruseri is about 3500/sq ft + 1-1.5 lakh for car park + registration charges. Is it worth investing so much money in a place so far away? My office is in the city and even if I buy a house there probably I still need to continue in a rented accomodation and rent my new house in OMR. The only reason in such a case to think about a house is that it is an investment. Saying all this, I don't have a lot of money in hand. I am planning to pay like the minimum amount required to get a loan and get loan for the rest. Which means I am not getting a house just because I have money but because I am afraid some 2-3 years down the line I might not be able to get a flat in some place like OMR also.

3. The question I have asked in the title, I read about TN planning for a financial city near Perumbakkam. Will this cause the real estate prices in and around OMR to shoot up in the next yr or so? How will or should this impact my decision of looking for a house at this point.

4. I also read in the newspaper that Chidambaram is planning to cancel tax relief from housing loans starting 2011. There would be tax based on the income and the government won't bother anymore if you are repaying loan for a house or not. So if this is going to happen, then the little tax relief that one would expect to get will also be caned. Considering this, is it still ok to go for a house?

Any help will be greatly appreciated. Thanks.